Settlement Amount Not Yet Disclosed
UGL has reached an in-principle settlement. The details of the settlement agreement announced Friday 9 August by IMF Bentham, were unknown. IMF expects to generate income of approximately $8.3 million.
|Claim Period:||8 August 2013 to 5 November 2014|
|Shares traded in Period (m):||62.36|
|Price change on disclosure:||-$1.44|
|Market Cap Drop ($m):||-$239.78|
Victoria Registry, Federal Court of Australia (VID1390/2017).
Clime Capital Limited v UGL Pty Limited.
Date of Filing
18 December 2017.
Solicitors for Applicant
Phi Finney Mcdonald.
Solicitors for Respondent
Herbert Smith Freehills.
The claim alleges that between 8 August 2014 and 5 November 2014 UGL breached its obligations of continuous disclosure, in contravention of the Corporations Act 2001 (Cth), by failing to disclose that UGL’s ‘Ichthys power project’ was running behind schedule and was subject to increased project costs.
All persons who acquired ordinary shares in UGL on or after 8 August 2013 and who were, at the commencement of trading on 5 November 2014, holders of any of those shares.
Capacity to join
Any group member who wishes to seek any benefit pursuant to any in-principle settlement of the UGL Class Action reached at the mediation or within 3 months after the first day of such a mediation, must before 4:00pm (AEDT) on 30 November 2018 complete and return a Group Member Registration Form to IMF.